Understanding the impact of statutory and regulatory changes is essential for business leaders. While the political environment can lead to frequent changes in the law, changes in the regulatory environment may occur much more frequently and without much press. Therefore, it is important to know which resources are available and how reliable they are in providing updated information so that informed decisions can be made by business leaders.
As you assess the current legal and regulatory environment, be mindful of its evolution as well as its often responsive nature, as government typically responds to crises with additions to or changes in both laws and regulations. Also consider the struggles within government that lead Congress to assume additional oversight of executive branch agencies. Keep these thoughts in mind as you respond to the following questions:
Federal statute requires that all federal regulatory agencies publish proposed rules in the Federal Register (FR) and open the proposed rules to public comment. Once the comment period has expired, the agency reviews the comments, makes any changes it considers warranted, and then publishes the final rule in the Code of Federal Regulations (CFR). After visiting Regulations.gov, choose one proposed rule, relevant to your industry, that is currently open to public comment. Assess how the proposed regulation will impact business decisions, and describe any obstacles businesses may face while complying with the proposed regulation.
Business.gov provides resources to help businesses of all sizes comply or remain compliant in all aspects of federal code and regulation. After visiting the “Stay Compliant with Laws” section of the website to view the list of over 40 federal agencies that regulate various aspects of commerce in United States, choose one of the agencies to discuss. How does the agency regulate all business or only certain industries or sectors? Is this agency self-contained or is it a “parent” agency for many more specialized agencies? Discern the purpose for which the agency was created and assess how its role and reach have evolved since its inception.
Assume an employee has made a claim of discrimination against your company. What agency would investigate this claim? Once you have made this determination, visit that agency’s website for additional information. Assume the agency has sent someone to investigate the claim and that the investigating officer has determined that the claim is “founded.” Your company disagrees with the investigator’s decision. To whom would your company appeal this decision? Assume a decision is made against your company; to whom would your company appeal? What is the standard of review for each level of appeal? Does it appear that this agency has judicial powers as well as legislative and executive powers?
With its oversight powers, Congress monitors the activities of the executive branch. As you review the CRS Report, discuss whether you agree with the rationale for legislative oversight, and assess whether you believe agency response to oversight leads to the creation of an even larger bureaucracy. Considering the evolution of regulatory agencies, discuss how you believe the founding fathers would react to the size and scope of regulatory agencies? Did they intend for regulatory agencies to have executive, legislative, and judicial authority? Do regulatory agencies have too much power? If you believe this to be the case, what changes could be made to lessen agency power? If you disagree, why is it necessary for so much power to be concentrated in regulatory agency hands?